Of course, we all want to be able to have our dream home. At times, we become dissatisfied with our current living environment and begin envisioning a move or remodel — but it’s often difficult to decide which option is best.
Pros and Cons
To make the decision that’s right for you, At Home Pros recommends you start by thinking about all that your current home has to offer. That means taking into account not only its location and all the things you like about your home, but also the memories you’ve made there and the sentimental value you feel is attached to your home.
Your next step is to consider what you don’t like about your current home. What are the issues you face? Is it in need of some major repairs and/or updates? Are there features you’d like to add to make your home more functional in order to meet your needs? Are there features that are a major annoyance you’d like to change?
Once you’ve developed a list of changes you’d like to make, it’s important to consider your budget. You will need to consider how much you can spend, versus how much you could potentially sell for. This information may help you decide which direction you’d like to take.
Staying Current
Whether you wish to sell or not, it’s important for you to understand how the pandemic has impacted the real estate market. Right now, the housing market seems to be a sellers market as homes are being listed and sold for well over their value. On the flip side, if you’re looking to buy, there seems to be a limited supply of homes on the market, which may make it more difficult for you to find the perfect home for you, especially if you have lots of specific wants. You may end up searching for a new home for longer than it takes to sell your current one, so you’ll need to plan accordingly.
Good to Know
Whether you wish to sell or not, it’s important for you to understand how the pandemic has impacted the real estate market.
To Remodel or Not
Remodeling can seem like a viable option given the current state of the housing market, as it can allow you to add value to your home. But keep in mind that a remodel can often be a lot more involved and drawn out than you might expect.
You’ll have to consider not only the cost of the remodel, but several other factors as well.
Areas of your home may be out of use for several weeks at a time, depending on how much work you choose to have done.
You may need to make alternative arrangements to have access to the things you need in terms of your kitchen and bathrooms.
Workers will be in and out of your home, so you’ll need to consider how that will impact your daily living — at least for a while.
Remodeling can involve unexpected situations that can cause you to spend extra money you didn’t plan on spending, sometimes extending the timeline of when the work will be complete.
Most important, you’ll need to be ready to make design decisions with the help of a reputable remodeling contractor.
In addition, it is important that you don’t go overboard with remodeling. After all, you don’t want it to cost you more than it would for you to sell. Consider other comps in the area. Adding too much value to your home in the wrong neighborhood can end up hurting you in the long run, as you may struggle to get a decent return on your investment. On the bright side, remodeling allows you to customize your home to your liking so that it meets your specific needs now … and allows you to ask top dollar when you are ready to list.
It’s All a Balancing Act
If the thought of a remodel is overwhelming, selling may be the right decision for you. And if you’re concerned about the length of time it might take to buy a new home, it won’t hurt you to wait until the market is more balanced.
In the meantime, you may even want to have a realtor complete a walkthrough assessment of your home and provide you with some simple tips of ways you can attract buyers. You may be able to add value to your home with some simple remodeling changes, which will allow you to save money and avoid larger renovations.
Ultimately, it’s important that you do what makes you happy. Whether you remodel or sell, only you can decide which option feels like the best choice for you. At Home Pros can put you in touch with local remodeling professionals that can inform you of a variety of ways (big and small) that you can add value to your home. And either way, that’s a win-win.